Short Interest in Penn Virginia Co. (NASDAQ:PVAC) Rises By 8.4%

Penn Virginia Co. (NASDAQ:PVAC) was the recipient of a significant increase in short interest in July. As of July 31st, there was short interest totalling 1,991,800 shares, an increase of 8.4% from the June 30th total of 1,838,200 shares. Based on an average daily volume of 270,700 shares, the short-interest ratio is presently 7.4 days. Currently, 13.3% of the shares of the stock are short sold.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Yaupon Capital Management LP grew its stake in Penn Virginia by 4.8% during the second quarter. Yaupon Capital Management LP now owns 70,356 shares of the company’s stock valued at $2,159,000 after acquiring an additional 3,205 shares in the last quarter. Hillcrest Asset Management LLC grew its stake in Penn Virginia by 0.6% during the second quarter. Hillcrest Asset Management LLC now owns 166,974 shares of the company’s stock valued at $5,123,000 after acquiring an additional 1,000 shares in the last quarter. Morgan Stanley grew its stake in Penn Virginia by 1,029.3% during the second quarter. Morgan Stanley now owns 213,638 shares of the company’s stock valued at $6,555,000 after acquiring an additional 194,721 shares in the last quarter. Zebra Capital Management LLC purchased a new position in Penn Virginia during the second quarter valued at $271,000. Finally, Invesco Ltd. grew its stake in Penn Virginia by 23.3% during the second quarter. Invesco Ltd. now owns 98,519 shares of the company’s stock valued at $3,023,000 after acquiring an additional 18,638 shares in the last quarter. 99.23% of the stock is owned by institutional investors.

A number of brokerages have recently issued reports on PVAC. Zacks Investment Research cut shares of Penn Virginia from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 16th. Imperial Capital reissued an “outperform” rating and issued a $67.00 price objective (down from $70.00) on shares of Penn Virginia in a research note on Monday, May 13th. BidaskClub raised shares of Penn Virginia from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 24th. Northland Securities reissued a “buy” rating and issued a $60.00 price objective on shares of Penn Virginia in a research note on Thursday, August 8th. Finally, ValuEngine cut shares of Penn Virginia from a “sell” rating to a “strong sell” rating in a research note on Friday, April 19th. Three investment analysts have rated the stock with a sell rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $75.00.

PVAC traded up $1.33 during trading on Friday, hitting $30.00. 199,375 shares of the company traded hands, compared to its average volume of 233,456. The company has a market cap of $472.10 million, a PE ratio of 3.26 and a beta of 1.33. The stock’s 50-day simple moving average is $30.95 and its two-hundred day simple moving average is $40.39. Penn Virginia has a 1 year low of $27.33 and a 1 year high of $89.62. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.15.

Penn Virginia (NASDAQ:PVAC) last posted its earnings results on Wednesday, August 7th. The company reported $1.96 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.95 by $0.01. The company had revenue of $122.77 million during the quarter, compared to analysts’ expectations of $122.43 million. Penn Virginia had a net margin of 47.90% and a return on equity of 37.14%. Equities analysts expect that Penn Virginia will post 8.35 EPS for the current year.

Penn Virginia Company Profile

Penn Virginia Corporation, an independent oil and gas company, engages in the onshore exploration, development, and production of crude oil, natural gas liquids, and natural gas in the United States. It primarily operates wells in the Eagle Ford Shale field in South Texas. As of December 31, 2018, it had total proved reserves of approximately 123 million barrels of oil equivalent; and 460 gross productive wells, as well as owned approximately 98,200 gross acres of leasehold and royalty interests.

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